The Confederation of Nepalese Industries (CNI) has submitted some suggestions to the Finance Minister on business related issues to be incorporated in the budget of the fiscal year 2063-64 to facilitate a more business friendly investment climate.

Finance Minister Ram Sharan Mahat (center) at the program.

Finance Minister Ram Sharan Mahat (center) at the program.
A press statement issued by the CNI said, the recommendation has asked the government not to introduce any new taxes or fees in the coming budget, and added that a stable tax regime is the prerequisite for business activities.

“Though the CNI believes that the budget should be merely a financial statement with the least impact on business activities, however, this year the expectation of the entire nation especially the business community from the budget are high to know what will be the road map for reviving the confidence of the investors, achieving high growth rate for the economy and instill hopes among the entire business community,” the statement adds.

It has also asked the government to announce economic road map for the next decade and generate extensive employment on a massive scale.

The CNI has also asked to prohibit by law and by an understanding among all the political partners Strikes, Lockouts, Gherao, Bandh, Chakkajam etc, which adversely impacts business activities.

”CNI believes that in the new circumstances, the government’s role is likely to be enhanced, but the role of the private sector also cannot be undermined. The shape the public-private partnership will take in the future policy framework will determine the local, as well as, foreign investment, so the budget should address the issue of economic road map unambiguously for the guidance of the investor,” the statement added.

The suggestion also asked the government to announce government procurement policy for indigenous products for big projects financed by the donors.

It also asked for establishing a participatory high-level independent body for business promotion and to redress grievance.

“The business outlook at this juncture is in shambles and if not corrected it will go from bad to worse, so there is a necessity that our bureaucratic mindsets change to that of a professional,” the CNI statement adds.

“Certainty of implementation and execution are the biggest bottlenecks of our delivery mechanism, which the present budget is expected to start to change,” the statement further says. n